Netflix Insider Files to Sell 2,601 Shares Worth $3M

Rhea-AI Filing Summary

Netflix Inc. (NFLX) – Form 144 insider sale notice. The filing discloses a proposed sale of 2,601 common shares—market value $3.02 million—to be executed 01-Aug-2025 on Nasdaq through Morgan Stanley Smith Barney. Outstanding shares total 424.9 million, so the planned sale equals roughly 0.0006 % of float.

The shares were just acquired the same day via cash exercise of employee stock options. Rule 10b5-1 language suggests the trade is made under a pre-arranged plan. Over the prior three months the same insider, identified in the tables as Spencer Neumann, sold 5,888 shares for aggregate proceeds of $7.33 million, indicating an ongoing liquidation program.

No operating or financial metrics are provided; the document is strictly an insider-trading disclosure required by Rule 144.

Positive

• Use of Rule 10b5-1 plan demonstrates pre-scheduled, compliant trading, reducing concerns over insider timing.
• Transparent disclosure of prior three-month sale history provides investors full visibility into insider activity.

Negative

• Continued insider selling totalling $10.3 M within four months may be viewed as a mild confidence drag.

Insights

Securities Analyst

TL;DR: Repeat insider sales total $10.3 M; small vs. float but may create headline pressure.

The Form 144 continues a pattern of modest disposals by insider Spencer Neumann—2,601 shares planned after 5,888 already sold in the last quarter. While dollar amounts look large, the combined 8,489 shares represent a negligible fraction of Netflix’s 425 M outstanding. Use of a 10b5-1 plan and option exercise funding lowers signaling risk, yet multiple consecutive sales can still jar sentiment in momentum-driven names. Trading desks will log the date and size but are unlikely to adjust models; liquidity impact is de minimis.

Corporate Governance Expert

TL;DR: Filing shows transparent 10b5-1 usage; governance risk unchanged.

The notice meets Rule 144 disclosure standards and references a 10b5-1 plan, mitigating concerns over opportunistic timing. Neumann’s previous sales were likewise plan-based. No red flags—such as concentrated selling ahead of negative news—or failure to aggregate sales are evident. From a governance lens, the transaction appears routine and compliant.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	2601	3015599.40	424926346	08/01/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	08/01/2025	Exercise of Stock Options	Issuer			2601	08/01/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for SPENCER NEUMANN 121 Albright Way Los Gatos CA 95032	Common	07/01/2025	2601	3400075.32
10b5-1 Sales for SPENCER NEUMANN 121 Albright Way Los Gatos CA 95032	Common	06/02/2025	2601	3151555.75
SPENCER NEUMANN 121 Albright Way Los Gatos CA 95032	Common	05/06/2025	686	782914.99

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Netflix (NFLX) shares are being proposed for sale?

The Form 144 covers 2,601 common shares worth about $3.02 million.

When is the planned sale date for the NFLX shares?

The filer lists an approximate sale date of 01-Aug-2025.

What broker will execute the transaction?

Morgan Stanley Smith Barney LLC, Executive Financial Services, New York.

How many shares has the insider sold in the prior three months?

He sold 5,888 shares between May and July 2025 for gross proceeds of $7.33 million.

Does the filing include any financial performance data for Netflix?

No. The document solely reports a proposed insider sale under Rule 144 and contains no operational or earnings information.